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In an interview last week, director for refineries at BPCL said that the downstream major will import 5mn tonnes of various grades of Iraqi crude in 2019. He also said that importing more crude from Iraq will let BPCL to displace some portion of the other Middle East crude. BPCL enhanced the capacity of Kochi refinery to 15mn tpa, which will allow them to process more dirty cheap crudes.
In an undisclosed amount, supermajor Royal Dutch Shell bought the 26% stakes of Total Gaz Electricité Holdings in India’s Hazira LNG and Port Ventures. A Shell company statement stated that the purchase was complete, giving the full ownership to Shell’s subsidiary in India. The Hazira LNG and Port was established under a joint venture between Shell Gas B.V and Total Gaz Electricité Holdings France.
The Open Acreage Licensing Policy (OALP) bid round-II, launching on Monday, will see 14 blocks go on offer. The second round of auction has been delayed for months now. The Government of India launched OALP in 2017 in an attempt to increase domestic output and curb imports. The 14 blocks going for auction are expected to possess 12,609 million tonnes of oil and oil equivalent gas.
The Indian state of Assam will see major investment from E&P major, ONGC for pursuing drilling activities in the region. S K Moitra, Director (Onshore), ONGC informed that the firm has decided to drill 200 developmental wells across fields under its Assam Asset. The project will continue over the next seven years, and will cost the state-owned firm approximately Rs.6000 crores.
In an interview last week, the managing director of Chennai Petroleum Corp. informed that Iran will invest about Rs.1,500 crore in the expansion of CPCL’s Nagapattinam refinery. The expansion project will boost the facility’s capacity to 9 million tpa. The proposed investment will be Naftiran Intertrade Co.’s stake of the Rs 27,500 crore expansion plans. The Persian Gulf country has suffered severe hits on its oil exports due to US sanctions.
In a regulatory filing, India’s Reliance Industries informed about acquiring 5.56% equity stakes in Vakt Holdings Ltd, UK (VHL). RIL spent USD 5 million to pick up stakes in the technology start-up, which is engaged in the technology space. A consortium of leading global energy majors, commodity traders and banks, VHL’s vision is to digitise the global commodities trading industry, through block chain.
35-year old semi-submersible drilling platform, Olinda Star was the only rig to be hit by Cyclone Phethai among the six rigs working in the Kakinada, India. After this accident, the rig-hiring rules of India’s ONGC are being questioned which were amended in 2014. In order to gain benefit from global rig oversupply, the altered rules focused more on the commercial aspects than on safety.
According to the sources, India and Iran have agreed on a payment plan to overcome US sanctions. India will deposit the amount for crude imports from Iran into its escrow accounts of 5 banks which are held with state-run UCO Bank Ltd. The part of this payment will be used by Iran for purchasing essential goods from India, considering that all the spending will be in Indian currency.
State-owned E&P major, ONGC yesterday informed the provision of "intelligent artificial limbs" to 42 differently-abled individuals in Assam, India. An official release from the company read, "Under the CSR project, 42 divyangs (differently abled) of Sivasagar and Charaideo districts who have lost their limbs will be fitted with superior quality intelligent artificial limbs". ONGC stated that the artificial limbs with built-in smart robotics are agile, strong and light weight.
As reported by Reuters, Saudi Aramco and ADNOC’s prominent $50 billion refinery and petrochemical project in India has been delayed by two years. The proposed coastal refinery with 1.2 mbpd processing capacity will be built by RRPL, a JV between state-owned firms and Saudi Aramco and ADNOC. The project is scheduled for commission in 2023.
UAE’s ambassador to India, Al Banna informed that UAE and Saudi Arabia will be there to help India in the times of oil supply deficits. According to Indian sources, the oil ministers of both the countries have assured Prime Minister Modi to supply oil continuously. Al Banna has made it clear that India has nothing to worry when it comes to oil supplies.
The coal bed methane (CBM) block of India’s Reliance Industries suffered from under production due to operational issues and poor pipeline connectivity. The company’s CBM block of Madhya Pradesh had production shrink of 0.94 mmscmd in July-September from 1 mmscmd in April-June. RIL’s KG-D6 block is also depleting including Focus Energy’s Rajasthan block. Meanwhile, the monthly report of oil ministry states decrement in natural gas output of India by 1%.
India’s ONGC will have to pay 242 crore to the Mumbai Port Trust (MbPT), as ordered by the Tariff Authority for Major Ports (TAMP), India. This compensation has been imposed on the firm as wharfage compensation for the transportation of crude oil through the two pipelines of ONGC. The company said that it is examining the admissibility of the claim.
According to the sources, India’s energy major, Oil and Natural Gas Corp (ONGC) went on to increase its production to about 70 million standard cubic meters per day (mmscmd). The increase in domestic output will help the firm in reducing the imports. Corresponding November last year the company produced 64 mmscmd and this year the production saw a great improvement. ONGC is making efforts to bring new fields into production.
If sources were to be believed, RIL head, Mukesh Ambani is mulling plans of boosting the capacity of the world’s largest refinery complex in Jamnagar. If the proposition goes through, Jamnagar refinery will see an addition of new plant with crude processing capacity of 30 million tpa. RIL is fortifying its place in India where energy demand, according to IEA, is expected to more than double by 2040.
India’s ONGC Videsh and Petronet LNG are jointly taking a move to buy stakes in Driftwood project in Louisiana proposed by Tellurian Inc's. The MD of Petronet said “We have moved slightly forward... we are evaluating it seriously and we are in serious discussion with them,” The two companies are jointly initiating this talk in order to grow India's pipeline network and increase the use of cleaner fuel.
In order to pay its overdue dividends to ONGC Videsh Ltd, Venezuelan state-owned PDVSA has shipped a $35 million crude cargo. This is the partial payment to the firm. This payment is in accordance with the deal signed by PDVSA and ONGC Videsh in 2016. If sources were to be believed, PDVSA did not transfer any money in over a year because of the economic breakdown in Venezuela.
US has almost agreed to grant waiver to India owing to the decision India made to cut oil imports from Iran. A source informed “India and the US have broadly agreed on waiver. India will cut import by about 35% from last year (2017-18), which is a significant cut”. Iran will face re-imposition of sanctions from November 4 after which no one can do business with Tehran without US’ consent.